Cedacri Mergeco’s €650 Million Floating Rate Notes Offering

In UK Milbank LLP, advised on the matter.

Milbank LLP advised Cedacri S.p.A. with a team including Apostolos Gkoutzinis (Picture – Debt Capital Markets), Sarbajeet Nag (Debt Capital Markets).

Cedacri Mergeco S.p.A. announced its debut issuance of €650 million Senior Secured Floating Rate Notes due 2028. This represented the fourth bond issuance by a portfolio company of the ION Investment Group and was executed substantially concurrently with the debut bond offerings by ION Corporates, ION Markets and ION Analytics

Cedacri S.p.A. is an industry-leading technology company that is fully dedicated to providing core banking software, digital infrastructure, solutions and other IT services predominantly to the Italian market.  It plays a systemic role within the Italian banking sector, providing outsourced core banking IT services and operations to banks, and is Italy’s third largest banking platform (based on the number of branches served).

Proceeds from the new issuance will be used to finance the acquisition of Cedacri by the ION Investment Group.

J.P. Morgan AG acted as global coordinator and joint bookrunner and Goldman Sachs International and UniCredit Bank AG acted as joint bookrunners.

The Milbank team was led by European Leveraged Finance/Capital Markets partners Apostolos Gkoutzinis (Picture) and Sarbajeet Nag and special counsel Ana Grbec and included associates Karen Chen, Bernardo Zang, Bie Cookey and Michele Scansani and paralegal Panos Tsezos. Special counsels Joji Ozawa and Trevor Truman and associates Dimos Papanikolaou, Varun Natteri Mangadu and Iakovos Anagnostopoulos also provided valuable assistance on the offering.

Involved fees earner: Iakovos Anagnostopoulos – Milbank LLP; Karen Chen – Milbank LLP; Apostolos Gkoutzinis – Milbank LLP; Ana Grbec – Milbank LLP; Varun Natteri Mangadu – Milbank LLP; Sarbajeet Nag – Milbank LLP; Joji Ozawa – Milbank LLP; Dimos Papanikolaou – Milbank LLP; Trevor Truman – Milbank LLP; Bernardo Zang – Milbank LLP;

Law Firms: Milbank LLP;

Clients: Cedacri S.p.A.;

Author: Giulia Di Palma